Page 26 - The South China Business Journal
P. 26
IGGHHLLIIGGHHTT South China Business Journal
Former CEA Chairs Urge
President Trump not to
Impose Steel Tariffs
Dear Mr. President: We urge the Administration not to take this action.
The United States already has over 150 counter-
The undersigned former Chairs of the President’s vailing and antidumping duties on steel imports,
Council of Economic Advisers (CEA) represent including some as high as 266 percent. We import
a broad swath of political and economic views. steel from over 110 countries and territories, but
Among us are Republicans and Democrats alike, the top source countries are important allies like
and we have disagreements on a number of policy Canada, Brazil, South Korea, and Mexico. Addi-
issues. But on some policies there is near universal tional tariffs would likely do harm to our relations
agreement. One such issue is the harm of imposing with these friendly nations; officials from Canada,
tariffs on steel imports. United Kingdom, the European Union, Germany,
and the Netherlands have already voiced concern.
Media reports indicate that you are contemplat-
ing using your authority under Section 232 of the Previous experience with emergency steel tariffs
Trade Expansion Act of 1962 to initiate the process under President Bush bear out these concerns.
of imposing steel tariffs because of a putative threat Canada, Mexico, Argentina, Thailand, and Turkey
to national security. were given exemptions in response to the backlash,
“We urge you to avoid a policy that and the World Trade Organization ulti-
mately ruled against the steel tariffs.
would likely incur greater economic The diplomatic costs might be worth it if
and diplomatic costs than any con- the tariffs generated economic benefits.
ceivable national security gain.” But they would not. Additional steel tariffs
would actually damage the U.S. economy.
Tariffs would raise costs for manufactur-
ers, reduce employment in manufacturing,
and increase prices for consumers.
24 Picture from www.bing.com
Former CEA Chairs Urge
President Trump not to
Impose Steel Tariffs
Dear Mr. President: We urge the Administration not to take this action.
The United States already has over 150 counter-
The undersigned former Chairs of the President’s vailing and antidumping duties on steel imports,
Council of Economic Advisers (CEA) represent including some as high as 266 percent. We import
a broad swath of political and economic views. steel from over 110 countries and territories, but
Among us are Republicans and Democrats alike, the top source countries are important allies like
and we have disagreements on a number of policy Canada, Brazil, South Korea, and Mexico. Addi-
issues. But on some policies there is near universal tional tariffs would likely do harm to our relations
agreement. One such issue is the harm of imposing with these friendly nations; officials from Canada,
tariffs on steel imports. United Kingdom, the European Union, Germany,
and the Netherlands have already voiced concern.
Media reports indicate that you are contemplat-
ing using your authority under Section 232 of the Previous experience with emergency steel tariffs
Trade Expansion Act of 1962 to initiate the process under President Bush bear out these concerns.
of imposing steel tariffs because of a putative threat Canada, Mexico, Argentina, Thailand, and Turkey
to national security. were given exemptions in response to the backlash,
“We urge you to avoid a policy that and the World Trade Organization ulti-
mately ruled against the steel tariffs.
would likely incur greater economic The diplomatic costs might be worth it if
and diplomatic costs than any con- the tariffs generated economic benefits.
ceivable national security gain.” But they would not. Additional steel tariffs
would actually damage the U.S. economy.
Tariffs would raise costs for manufactur-
ers, reduce employment in manufacturing,
and increase prices for consumers.
24 Picture from www.bing.com
